The present invention is a novel and useful RF transformer based transmit/receive (TX/RX) integrated RF switch. In one embodiment of the invention, the TX/RX RF switch circuit is based on the use of an RF transformer which functions as (1) the PA output transformer during TX mode and (2) as a series inductance in an LNA matching network during receive mode. Thus, the RF transformer plays a dual function or role. Antenna diversity is achieved by having multiple antennas each having an associated antenna switch connected to the output transformer. The TX/RX switch of the invention reduces the number of switches required for antenna diversity to a minimum and minimizes RF losses in the system. The TX/RX switch is suitable for use with modern wireless communication standards such as DECT, 802.11 WLAN, Bluetooth, ZigBee, etc. The configuration of the TX/RX circuit permits the use of common, relatively low cost semiconductor fabrication techniques such as standard CMOS processes.